Question
Deitz Corporation is projecting a cash balance of $30,450 in its December 31, 2016, balance sheet. Deitzs schedule of expected collections from customers for the
Deitz Corporation is projecting a cash balance of $30,450 in its December 31, 2016, balance sheet. Deitzs schedule of expected collections from customers for the first quarter of 2017 shows total collections of $187,775. The schedule of expected payments for direct materials for the first quarter of 2017 shows total payments of $43,645. Other information gathered for the first quarter of 2017 is sale of equipment $3,045; direct labor $71,050, manufacturing overhead $35,525, selling and administrative expenses $45,675; and purchase of securities $14,210. Deitz wants to maintain a balance of at least $25,375 cash at the end of each quarter. Prepare a cash budget for the first quarter. (Do not leave any answer field blank. Enter 0 for amounts.)
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